BHP Billiton BHP
The three reasons
- 1
DLC structure traps US$9.7bn of franking credits and a 12.7% Plc/Ltd discount
- 2
US petroleum hidden inside BHP — standalone re-rating worth c.US$22bn vs broker average US$12.3bn
- 3
Total Value Unlock Plan delivers +US$46bn / up to 48.6%-51.0% per-share upside
Primary demands
- Unify the dual-listed company (DLC) structure into a single Australian-headquartered, Australian tax resident listed company
- Demerge and separately list BHP's US petroleum business on the NYSE
- Adopt a policy of consistent 14% discounted off-market share buybacks (initial buyback of at least US$6bn) on top of the 50% dividend payout
- Stop value-destructive large-scale cash acquisitions like Petrohawk and Fayetteville
KPIs cited
Pattern membership
Where this document fits across the library's 12 rhetorical / structural patterns.
Notable slides (7)
Notes
Elliott's opening salvo against BHP — accompanies a letter to directors. Tone is notably restrained for an Elliott campaign: framed as collaborative 'Value Unlock Plan' with management rather than personal attack on CEO Andrew MacKenzie (named only via embedded analyst quotes on p18). Strong template for the activist breakup playbook: SCQA structure (BHP is first-class but underperforming → 3 root causes → 3-step plan → +US$46bn). Heavy use of third-party analyst quote-walls (Barclays, Credit Suisse, UBS, JP Morgan, AFR on DLC; Citi, GS, DB, BofA, Bernstein on petroleum; Macquarie, UBS on capital returns) to outsource credibility. Visual design is functional banker-style, not editorial — blue/red palette, consistent two-column layouts, but six divider pages are nearly blank wasting real estate. Petrohawk and Fayetteville called out as 'value-destructive' acquisitions — closest the deck gets to villainization. Sum-of-parts waterfall on p4/p35 is the keystone visual.